Atterley, a fashion website backed by former Tesco boss Sir Terry Leahy, has fallen into administration.
A play on “atelier”, the French term for “workshop”, Atterley is a clothing website with a Scandinavian focus. Just last year the company outlined plans to expand into international markets, but as of 5 January Atterley is now in administration, along with parent company Maison Seven Ltd.
The news will come as a blow to Leahy, who invested £2m in Atterley with Bob Willett, the former head of Best Buy International.
Following the decision of the High Court, administrators from KPMG have been brought in to help repair the company, with the goal of making £100m by 2020.
Atterley has now stopped taking orders. A statement on the site reads "Atterley.com is currently available."
In the past Leahy has had great success with his investments, from Eagle Eye to specialiststuckonhomework.com, among others. More recently it emerged that he may be in talks with Clayton Dubilier & Rice about making an offer for Home Retail Group, the owner of Argos and Homebase.